Neb. Rev. Stat. §§ 58-520

Current with changes through the 2024 First Special Legislative Session

Section 58-520 - Bonds; leases; contracting public body; powers

In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds or obligations, the contracting public body, in addition to its other powers, may:

(1) Pledge all or any part of its gross or net rents, fees, or revenue arising from the redevelopment project to which its right then exists or may thereafter come into existence;

(2) Mortgage all or any part of its real property or personal property in the project area, then owned or acquired later;

(3) Covenant against pledging all or any part of its rents, fees, and revenue, or against mortgaging all or any part of its real property or personal property in the project area, to which its right or title then exists or may later come into existence, or against permitting or suffering any lien on such revenue or property, covenant with respect to limitations on its right to sell, lease, or otherwise dispose of any redevelopment project, or any part thereof, and covenant as to what other or additional debts or obligations may be incurred by it;

(4) Covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds of the bonds, provide for the replacement of lost, destroyed, or mutilated bonds, covenant against extending the time for the payment of its bonds or interest thereon, and covenant for the redemption of the bonds and to provide the terms and conditions of the bonds;

(5) Covenant, subject to the limitations contained in the Nebraska Redevelopment Act, as to the amount of revenue to be raised each year or other period of time by rents, fees, and other revenue, and as to the use and disposition to be made of such revenue, establish or authorize the establishment of special funds or money held for operating costs, debt service, reserves, or other purposes, and covenant as to the use and disposition of the money held in such funds;

(6) Prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent to the amendment or abrogation, and the manner in which such consent may be given;

(7) Covenant as to the use, maintenance, and replacement of any or all of its real property or personal property in the project area, the insurance to be carried on such property, the use and disposition of insurance money, and warrant its title to such property;

(8) Covenant as to the rights, liabilities, powers, and duties arising upon the breach by it of any covenants, conditions, or obligations, and covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;

(9) Vest in any obligees of the contracting public body the right to enforce the payment of the bonds or any covenants securing or relating to the bonds, vest in any obligee or obligees holding a specified amount in bonds the right, in the event of a default by the contracting public body, to take possession of and use, operate, and manage any redevelopment project or any part of such project, title to which is in the contracting public body, or any funds connected with the project, and collect the rents and revenue and dispose of such money in accordance with the agreement of the contracting public body with such obligees, provide for the powers and duties of such obligees and to limit their liabilities, and provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds; and

(10) Exercise all or any part or combination of the powers granted by this section and make such covenants, in addition to those necessary, convenient, or desirable in order to secure its bonds, or, in the absolute discretion of the contracting public body, as will tend to make the bonds more marketable.

Neb. Rev. Stat. §§ 58-520

Laws 1995, LB 830, § 20.